Obama: JP Morgan ‘Is One Of The Best-Managed Banks There Is’

Recently, Barack Obama has refrained from mentioning Dodd-Frank as one of his big accomplishments as President. That’s fortunate, because had Obama used that as a campaign claim this month, the huge loss taken by JP Morgan and one-time Obama ally Jamie Dimon would have done serious damage. As it is, Politico wonders whether Obama might have a big problem convincing voters that he’s done anything significant to address the underlying issues that created the 2008 financial-system collapse:

The giant $2 billion trading loss at JPMorgan Chase highlights a central problem in President Barack Obama’s case for a second term: Four years after the financial crisis nearly brought the nation to its knees, very little appears to have changed.

JP Morgan Chase & Co. announced a massive $2 trillion trading loss last week, which shook up the market and caused a top executive to resign. Responding to the development on The View, President Barack Obamaunderlined the need for regulation, adding that JP Morgan “is one of the best-managed banks there is.”

In the episode of The View airing Tuesday, Obama used the news about the bank to discuss with the hosts his views on the need for financial regulation and reform on Wall Street in general.

About CEO Jamie Dimon, Obama said he’s “one of the smartest bankers we’ve got” — and the losses at the nation’s largest bank show that “even if you’re smart you can make mistakes.” The lesson, Obama said, is that we need reform on Wall Street, that incidents like these underscore the need for regulatory measures like the Dodd-Frank Act.

Said Obama:

“This is one of the best managed banks. You could have a bank that isn’t as strong, isn’t as profitable managing those same bets and we might have had to step in. That’s why Wall Street reform is so important.”

While the president hasn’t been alone in arguing in favor of regulation following JP Morgan’s loss, others haven’t kind quite as kind words for the Dimon.

The Dodd-Frank Wall Street Reform and Consumer Protection Act, the most sweeping financial law enacted since the Great Depression, is supposed to protect investors and shield the economy from bubbles and speculation. Its promise is hard to judge; many detailed rules are still being drafted. What can be said with confidence is that Dodd-Frank has been a boon for lobbyists.

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Albert Milliron is the founder of Politisite. Milliron has been credentialed by most major news networks for Presidential debates and major Political Parties for political event coverage. Albert maintains relationships with the White House and State Department to provide direct reporting from the Administration’s Press team. Albert is the former Public Relations Chairman of the Columbia County Republican Party in Georgia. He is a former Delegate.
Milliron is a veteran of the US Army Medical Department and worked for Department of Veterans Affairs, Department of Psychiatry.